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Daily Digest 7/7 - Greek Banks Plan To Raid Deposits, Cash Is Still King

Tuesday, July 7, 2015, 11:36 AM

Economy

Cash Is Still King (jdargis)

If you are a cryptocurrency enthusiast, you are probably reading this with great impatience, eager to get to the discussion of how bitcoin and its alternatives are the answer. Cryptocurrencies, which are digital, encrypted currencies that operate independently of a central bank, are almost costless to move instantaneously, offering both privacy and security. I am also a cryptocurrency enthusiast. But I am not ready to declare victory. At least, not yet.

Ranking The States By Fiscal Condition (DennisC)

A closer analysis of the individual metrics behind the ranking shows how each state’s fiscal condi­tion should be assessed. Notably, nearly all states have unfunded pension liabilities that are large relative to state personal income, indicating that all states need to take a closer look at their unfunded pensions, which represent a significant portion of each state’s economy. Another finan­cial crisis could mean serious trouble for many states that are otherwise fiscally stable.

Is Tsipras a reckless revolutionary, bold leader, or calculating gambler? Yes (jdargis)

In the midst of all this, Tsipras’s political fortunes are cloudy. You’d think this would be a moment of triumph; he pushed for the “no” vote and his countrymen responded in kind, in a landslide. Roughly 60% of the population voted against the plan. But it isn’t that simple—he now has to come up with an acceptable agreement that people won’t interpret as too austere. And he has to do this before the economy goes into a meltdown.

Greek Banks Prepare Plan To Raid Deposits (Brett L.)

Greece’s banks have been closed since Monday, when capital controls were imposed to prevent a bank run following the leftwing Syriza-led government’s call for a referendum on a bailout plan it had earlier rejected. Greece’s highest court rejected an appeal by two citizens on Friday who had asked for the referendum to be declared unconstitutional.

Anxiety: The Reason It Can Socially Isolate You (Arthur Robey)

“…the egocentric effect of anxiety cannot be explained by the combination of negative valence and high arousal alone; rather, it seems that feeling anxious uniquely led to an increased reliance on one’s own egocentric perspective, to the detriment of understanding others’ viewpoints.”

Bernie Sanders Speaks (jdargis)

I am getting a lot more national media ever since I’ve been running for president. But even with all of the national media I’ve been getting, what’s always shocking to me is that still half the American people don’t know who I am—which talks about not me in particular, but just about political consciousness in general. I can tell you what is more of an indication: We have by far now what I think is the most successful Senate Facebook page—I think [more than] 1.2 million people who are part of our Facebook network and, on any given day, there might be a million people or more talking about us. So there is no question but that there’s a significant part of the population that follows what we’re doing—and that has been following us for years.

Energy Hungry India To Import More Canadian Crude (Tom K.)

“Canada’s growing energy relationship with India is helping create jobs and long-term prosperity for both of our countries,” Rickford said. “We stand ready to expand our strategic partnership through greater cooperation based on our complementarity of energy interests.”

This dome in the Pacific houses tons of radioactive waste – and it's leaking (jdargis)

The remote islands – roughly halfway between Australia and Hawaii – were deemed sufficiently distant from major population centres and shipping lanes, and in 1948, the local population of Micronesian fishermen and subsistence farmers were evacuated to another atoll 200 km away.

In total, 67 nuclear and atmospheric bombs were detonated on Enewetak and Bikini between 1946 and 1958 – an explosive yield equivalent to 1.6 Hiroshima bombs detonated every day over the course of 12 years.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/6/15

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

5 Comments

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Bangkok's tap water may run out in a month

Bangkok's tap water supply may run out in a month, as the country waits for long overdue rains to replenish sources depleted by drought and threatened by seawater creep, the chief of the capital's water authority said.

Thailand is suffering its worst drought in more than a decade. In an effort to maintain water levels in the dams that supply water for agriculture in the provinces as well as taps in the capital Bangkok, the government has asked farmers to refrain from planting rice since last October.

http://www.bangkokpost.com/news/general/615776/mwa-bangkok-tap-water-may-run-out-in-a-month

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
An Interview with Agroecologist Jairo Restrepo

http://www.resilience.org/stories/2015-07-06/an-interview-with-agroecolo...

Ideas are shared through farmer-to-farmer learning. But organic agriculture is not a small farmer unit, it is not even a political proposal; it is broader than that. Organic agriculture goes from being an instrument of technological transformation to an instrument for transforming society.

Society does not have to be detached from technology. Technology is an expression of society and this is what we want. We don’t want to change technology; we want to transform society, thereby changing the technological proposal. Today the opposite occurs, the dominant type of technology proposes a society subjugated to industry, and we want the opposite – and here I use one sentence quite a lot – “my dream is to construct a being, an ideal state of a being, so that I shall not be the ideal being of the State”. I want to fight for this ideal state of being so that I won’t be the ideal of the State; that is not to be slavish.

Industrial agriculture is no longer able to respond to the crisis of societal change. On the contrary it is causing the crisis, because agriculture and the food system wants to enslave society, concentrating economic revenues. This hungry proposal of accumulating capital by all means causes a crisis, and farmers see that this is not a technological issue but an economic crisis that in turn is a political crisis. Capital is its own gravedigger in this respect.

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Welcome to Blackswansville

The Greeks may not recognize this, but they are in the vanguard of a movement that is wrenching the techno-industrial nations back to much older, more local, and simpler living arrangements. The Euro, by contrast, represents the trend that is over: centralization and bigness.

The world’s banking system is mired in the unreality of so many unmeetable obligations, cooked books, three-card-monte swap gimmicks, interest rate euchres, secret arbitrages, market manipulation monkeyshines, and countless other cons, swindles, and hornswoggles that all the auditors ever born could not produce a coherent record of what has been wreaked in the life of this universe (or several parallel universes). Remember Long Term Capital Management? That’s what the world has become.

What happens in the case of untenable complexity is that it tends to unravel fast and furiously.

http://kunstler.com/clusterfuck-nation/welcome-to-blackswansville/

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
The Shanghai Composite SHCOMP, -5.08%

"The Shanghai Composite SHCOMP, -5.11%  fell as much as 8.2% at the start of trading. The index is now down 4% at 3,576.79. The smaller Shenzhen Composite 399106, -2.81%  fell 3.9%. China’s main stock benchmarks have lost more than a third of their value since hitting mid-June highs. "

"Investors are flocking to assets that offer some safety as China’s stock rout and Greece’s possible exit from the euro roil global markets. About 45 percent of China’s listed companies are suspended, leading traders to sell what they can. With Federal Reserve meeting minutes due Wednesday, the twin crises have prompted some investors to push back estimates for when U.S. rates may rise.

“The whole market is tottering on the edge of panic,” said Liu Xu, trader at private asset management company Guoyun Investment Co in Beijing. “People are selling everything in sight to get their hands on cash because some need to cover their margin calls in the stock market, while others are gripped by fear that the Chinese economy will be affected by this crisis.”
PBOC Pledge

The People’s Bank of China said it will provide “ample liquidity” to the nation’s stock market to guard against “systemic” risks, it said in a statement on its website Wednesday. China Securities Finance Corp. is seeking at least 500 billion yuan ($80.5 billion) to support the market, according to people familiar with the matter."

KennethPollinger's picture
KennethPollinger
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 654
THANKS PP.com

Today I was searching for the 8 Forms of capital and browsed through FEATURED VOICES on PP.com site.  Holy Cow!!  I was very, very impressed by the number and quality of the experts that Chris has interviewed over the years.  What a TREASURE of information and thought.  One would need to be retired to read them all!!  Or, better yet, reincarnate to finish the job.

Chris and Adam, I cannot ever thank you both enough for all you do.  Here's to many more years of GREAT STUFF!!!!!    Ken

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